KARACHI: The Pakistani rupee ended steady against the US dollar in the interbank market on Friday.The rupee closed at 279.95 per dollar, compared with Thursday’s close of 279.96.
In the open market, the local currency remained stable, ending at 281 against the dollar, similar to the previous session’s rate.Dealers said the local currency unit remained stable as dollar demand from importers matched the selling of the US currency by exporters and remittances. Moreover, the persistent rise in foreign exchange reserves, amid robust remittance inflows, supported the rupee.
Pakistan’s foreign exchange reserves held by the central bank rose by $16 million to $16.072 billion as of January 9. The country’s total liquid foreign reserves also increased by $56 million to $21.248 billion. Similarly, the reserves of commercial banks rose by $40 million to $5.177 billion.
Finance Minister Muhammad Aurangzeb recently said that Pakistan plans to issue its first-ever Panda bond in the coming weeks. Additionally, the government is expected to issue four requests for proposals (RFPs) in global markets for the issuance of Panda and dollar bonds.
